Central Banks Fuel Gold's Quiet Accumulation Campaign

Gold has been quietly accumulating in central bank vaults, with the People's Bank of China extending its buying streak to 21 consecutive months in July. This accumulation campaign shows no signs of abating, providing a sturdy floor under prices.

The World Gold Council reported record quarter net central bank purchases at 288.9 tonnes, a 62 percent jump from last year's same period and the strongest second quarter ever measured. Poland led the pack with 51 tonnes in the quarter, bringing its first-half total to 82 tonnes as it works toward a stated target of 700 tonnes.

China's central bank added 33 tonnes during the quarter, its largest single-quarter purchase since late 2023. Across the first half, central banks collectively bought 345 tonnes net. A June survey by the World Gold Council found that 45 percent of 74 central banks polled intend to add more gold, the highest share since 2018.